2 Min Read
(Reuters) - Canadian oil and gas producer Enerplus Corp ERF.TO swung to a third-quarter profit helped by higher oil prices, but expects 2011 output at the lower end of its forecast range as wet weather hurt its production year to date.
The company had cut its production forecast to 76000-78,000 barrels of oil equivalent per day in August.
Third-quarter net income was C$111.3 million, or 62 Canadian cents a share, compared with a loss of C$136.3 million, or 77 Canadian cents a share, a year earlier.
Enerplus received 16 percent higher prices for its crude and about 2 percent higher prices for natural gas.
Average production fell 12 percent to 73,245 barrels of oil equivalent per day, which was also hurt by the sale of a portion of its acreage in Marcellus.
In May, Enerplus agreed to sell its non-operated natural gas properties in the massive Marcellus shale in the United States for $575 million to pay down debt.
The company got 48 net wells on stream, just over half of its target for the year. During the fourth quarter, it expects to bring an additional 41 net wells on stream.
The Calgary-based company's shares, which have lost about 10 percent of their value, closed at C$28.33 on Wednesday on the Toronto Stock Exchange.
Reporting by Aftab Ahmed in Bangalore; Editing by Don Sebastian